The Tribune

The government is pushing technology and innovation as a response to the dynamic, rapidly evolving global economy, the deputy prime minister has confirmed.

“This is one of the rationales for the government’s focus on entrepreneurship. Specifically, we are interested in fostering a culture of entrepreneurship to unleash the full creativity and genius of Bahamian innovators,” KP Turnquest said at Deltec Bank & Trust’s annual conference at Baha Mar.

Emphasising that the private sector’s participation was necessary, he added: “We were very encouraged by the fact that commercial banks, including Scotiabank and the Royal Bank of Canada, joined the government, the Small Business Development Centre (SBDC), the Bahamas Development Bank and the Bahamas Venture Capital Entrepreneurial Fund to provide a targeted package of capital options for entrepreneurs, including those who are underprivileged.”

Through this partnership, the government leveraged its own $5m outlay to secure up to $9m in government-guaranteed small business loans, grants and equity for participants enrolled in the SBDC’s training and advisory programmes.

“We are building a strong ecosystem, and it is being supported by the independent initiatives of companies like Deltec. The Deltec Initiative for Young Entrepreneurs (DIYE) is a charitable programme that falls under Deltec’s Foundation,” Mr Turnquest said.

“For too long our young people have been discouraged from pursuing self-employment as the status quo. Instead, we have bred a culture where school leavers automatically look for government jobs or jobs in traditional sectors.”

The deputy prime minister said participants in DIYE are proof the culture is changing. The youngest entrepreneur in its intake is only ten years-old: Karis Knowles, otherwise known as The Balloon Princess. He said her balloon company creates arrangements for all occasions, including themed events like baby showers and gender reveal parties.

While The Bahamas is at an early stage in harnessing the power of disruptive technologies, Mr Turnquest said the country is making strides nonetheless.

“For us, this is not a choice; this is an imperative. We are an international financial services centre and Fintech is one of the fastest growing and innovating industries,” he added.

Mr Turnquest said opportunities currently being assessed include a digital version of the Bahamian dollar, blockchain’s potential to modernise government processes, and financial technology (Fintech).

He added that the Commercial Enterprises Act was already helping the government to realise its technology hub ambitions for Grand Bahama.

Mr Turnquest said early successes include the GIBC Digital training headquarters; Dev Digital, a leading software and web development company from Tennessee; and Carnival Cruise Lines’ Ocean Medallion Project.